Financial news on December 12, 2006

Business and Financial news

An era in advertising will end Dec. 31 when Edward H. Meyer, 80, head of the worldwide agency now known as the Grey Global Group, retires. Read more..

By STUART ELLIOTT - The New York Times

Before Visit to China, a Rebuke

The U.S. formally accused China on Monday of failing to open the nation’s economy and crack down on piracy of foreign goods. Read more..

By STEVEN R. WEISMAN - The New York Times

Dubai Port Company Sells Its U.S. Holdings to A.I.G.

The DP World sale is the final chapter in a contentious deal that some say drove Middle East petrodollars away from the U.S. Read more..

By HEATHER TIMMONS - The New York Times

DuPont to Reduce Pesticide Output and Cut 1,500 Jobs

The DuPont Company will eliminate 1,500 agriculture jobs and cut output of herbicides and pesticides in a plan to increase spending on genetically modified seeds, the company said yesterday. Read more..

By BLOOMBERG NEWS - The New York Times

End of Year. Short on Miles. Coach Class, Here I Come.

Fewer people are rushing to cram in miles before the end of the year to upgrade to a higher frequent-flier status. Read more..

By JOE SHARKEY - The New York Times

E.P.A. Revises Its Formula to Calculate Auto Mileage

The new formula takes into account higher speeds, more aggressive driving, more air-conditioning use and other factors not in the old system. Read more..

By MATTHEW L. WALD - The New York Times

Hedge Fund Says It Will Fight Freeport Bid for Phelps Dodge

SAC Capital Advisors, a $10 billion hedge fund, has raised its stake in the Phelps Dodge Corporation to 5.1 percent and said yesterday that it would oppose a proposed takeover of the company by Freeport-McMoRan Copper and Gold. Read more..